Linen Yarn Manufacturer Completes Construction

Apr 4 , 2020

Kingdom Linen Plc, a Chinese firm operating in Ethiopia, has completed the first phase of its investment project at Adama Industrial Park. The company intends to produce 5,000tn of high-grade linen yarn annually for export. The plant covers an area of 32ha. Started two years ago with 200 million dollars in investments, the company is expected to create jobs for 1,000 people when the first phase is completed. When it becomes fully operational, Kingdom, which is set to be completed in two phases, is expecting to hire 4,000 employees. The plant, which is expected to generate 45 million dollars a year in revenue, will also have an annual production capacity of 20,000tn of high-grade, wet-spun linen yarn.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...